Baidu.com Plunges After Earnings Miss

Written by: Andrea Tse04/25/13 - 5:12 PM EDT

Tickers in this article:
BIDU

NEW YORK (TheStreet) -- Baidu was tumbling 5.78% to $87 per American depositary share in afterhours trading after the leading Chinese Internet search engine posted lower-than expected first-quarter results as it continues to be challenged by up-and-coming players in the mobile-phone space.

Still, Robin Li, the chairman and CEO of Baidu, said in a statement that the company's mobile offerings are making "exciting progress," with its flagship mobile-search product having now surpassed 100 million daily active users, which is more than a 25% increase from the end of the fourth quarter.

"We remain committed to investing aggressively, particularly in marketing and R&D," said Jennifer Li, Baidu's CFO. "By deploying resources in the most strategically important areas of our business, we're confident we can build exceptional long-term value for shareholders."